|
MrJuice
206 posts
25 months
|
I needed to draw 10k from my personal santander current account to deposit in Lloyds to start my business back in 2009. I had to give santander notice of 3/4 days, wait at the counter for at least 20 mins whilst they photocopied two proofs of ID, got it all checked and double checked, then counted out the notes in front of me. The notes came out of those sealed bags that have already been checked and double checked FFS!!!!!!! Lloyds business banking are totally cool. I can deposit any amount without them asking questions that delay me and I can draw any amount as well. Any withdrawals above 5k require them to see your driving license. I've not drawn more than about 12k i think and there was no delay with that transaction. Basically, if you're dealing with personal accounts, expect questions. If you've got a santander account, close it. They are a s  t banking outfit.
|
|
|
swerni
19,887 posts
79 months
|
RicksAlfas said: Thing is if you'd done an online transfer they wouldn't have asked" How would that be relevant? An online transfer wouldn't result in a handfull of cash and the funds would still remain in the banking system with an auditable trail. It's a standard thing when you withdraw large amounts of cash. Having said that, some banks appear to be more anal than others. Natwest used to be a right pain while Halifax and HSBC were great, but that could have been down to the branch.
|
|
|
AndyT77
1,230 posts
31 months
|
Why didn't you just buy the car via bank transfer or debit card?
|
|
|
Hyde
203 posts
17 months
|
Being asked where a large lodgement has come from usually relates to money laundering checks. Being asked what purpose you are withdrawing a large amounts can relate to money laundering checks, it can also be a way to keep an eye out for customers being conned. Pre-ordering a cash withdrawal wouldn't be a rare thing, after all they use timelocks and such. 3 or 4 days notice does seem excessive. Lefty said: Is it just me or is this a bit off?
Went into my branch of RBS today to withdraw 9 grand to buy the mrs a new car. The teller had to fill out a large payemnt form and asked me what the money was for. Your should have said you were going to try your luck on the lottery and were buying 9,000 luck dips 
|
|
|
eyebeebe
1,271 posts
102 months
|
V8mate said: The local branch of my bank - in a busy, major town centre - introduced a new rule at the start of the year that it won't pay out more than two grand on demand. You have to give a day or so notice. That's hilarious. Out here in Switzerland it is standard practice that you can withdraw up to CHF 5k (around £3,400) a day from the cashpoint (up to CHF 10k month unless you request that limit removed). I can't imagine them batting an eyelid if I went into the branch and asked for CHF 50k on demand (assuming I had the funds). TBF having decent denominated notes probably makes it a bit easier CHF 10, 20, 50, 100, 200, 500, 1000 (which is I believe the world's most valuable banknote these days, but no one bats an eyelid at you using).
|
Advertisement
|
|
|
NorthernBoy
6,025 posts
126 months
|
eyebeebe said: That's hilarious. Out here in Switzerland it is standard practice that you can withdraw up to CHF 5k (around £3,400) a day from the cashpoint (up to CHF 10k month unless you request that limit removed). I can't imagine them batting an eyelid if I went into the branch and asked for CHF 50k on demand (assuming I had the funds).
TBF having decent denominated notes probably makes it a bit easier CHF 10, 20, 50, 100, 200, 500, 1000 (which is I believe the world's most valuable banknote these days, but no one bats an eyelid at you using). Well yes, but Switzerland has made a national industry out of facilitating the transfer of criminal profits, and had to be heavily lent on to bring in even the most basic measures to clamp down on it. It's been the way for a very long time, including banking for the third reich, and facilitating the transference of Jewish gold when the previous owners had been murdered. "Hilarious" isn't the word I'd use to describe a banking system built on rather more ethical grounds.
|
|
|
sinizter
3,346 posts
55 months
|
Banking is banking and privacy is to be valued.
Switzerland provided the service that others chose to use.
If they are not ripping off their customers, I don't really see where the ethics issue comes from. It is not the Swiss banks' responsibility. They would have an ethical issue if they were disclosing details of transactions to other people/authorities.
Sure, they could have a policy of not accepting customers without verifying where the funds came from, but then their business would dry up in a matter of hours.
|
|
|
speedy_thrills
5,663 posts
112 months
|
If this question was asked in New Zealand I can guarantee it'd be because they wanted to get an insurance sale out of you. Only large sums of money going into accounts triggers the need for records. Of course you can report suspicious transactions but because it's optional it rarely happens. Banks can refuse transactions and put a hold or lock your accounts of course so it pays not to be stupid if you are asked for ID to complete a transaction.
As for breaking bags to re-count or double count cash in front of customers it's for the cameras watching you flick through rather than the customers peace of mind. Dispute over money OTC? Check the cameras.
|
|
|
NightRunner
4,250 posts
63 months
|
Output Flange said: I had the same question asked when I deposited £12k in cash into my account over the counter of a small branch - they asked where it had come from.
Not unusual for larger amounts of cash. True, it's usually for: 1) Fraud checks. 2) There have been numerous instances of people (usually old people) drawing out large sums when they are being conned, some of these have been stopped just by the cashier asking what it's for, smelling something iffy and taking it from there. My local branch did something similar when an old boy was withdrawing £7k to give to 'the lovely man over there, to invest for me'.
|
|
|
eyebeebe
1,271 posts
102 months
|
NorthernBoy said: Well yes, but Switzerland has made a national industry out of facilitating the transfer of criminal profits, and had to be heavily lent on to bring in even the most basic measures to clamp down on it.
It's been the way for a very long time, including banking for the third reich, and facilitating the transference of Jewish gold when the previous owners had been murdered.
"Hilarious" isn't the word I'd use to describe a banking system built on rather more ethical grounds. One can't deny Swiss banking's morally dubious past, but Know Your Client is still a strong concept here. The days of turning up with a suitcase of cash and no questions are asked are long gone. What I find hilarious is how difficult it is becoming in the UK for a depositor to withdraw their funds in a time and manner of their choosing.
|
|
